F88 raises $50 million in Series C funding round from VOI and MEF IV
Out of the total amount, the Vietnam Investment and Trading Corporation and the Oman Investment Authority contributed $30 million. This marks the first time VOI has invested in a financial services company in Vietnam.
VOI's investment principle is to invest in companies that generate profits and create positive value for society, addressing existing social issues. Since 2009, VOI has invested in about 20 projects in renewable energy, healthcare, and education sectors. The fund's investment sizes typically range from $10-30 million, and its investment in F88 demonstrates its high regard for F88's development potential.
In addition to VOI, Mekong Capital also participated in the funding round. This marks the third time Mekong Capital has invested in F88, following investments in 2017 and 2022. Chris Freund, Founder and CEO of Mekong Capital, expressed confidence in F88, saying "I am confident that F88 and its team will become a model for reliable and visionary business operations."
Phung Anh Tuan, Chairman of the Board of Directors and CEO of F88, said that the funds received from VOI and MEF IV will be used to promote the distribution of comprehensive financial products in Vietnam, in line with the government and the State Bank of Vietnam's direction on comprehensive finance. F88 will use the capital to complete three projects: upgrading its information technology system, expanding its sales points, and improving its human resources.
Since 2022, F88 has received capital cooperation from several sources, including financial funds and international banks. In 2022, the company successfully raised $70 million from financial funds such as CLSA Capital Partners and Lendable. It also collaborated with international banks such as CIMB Vietnam and Kasikornbank to distribute comprehensive financial products in Vietnam, including asset-backed loans.
The funding received from VOI and MEF IV will help F88 continue its expansion in the financial services market and enable it to serve a wider customer base in Vietnam.
The company has also received capital cooperation from financial funds such as CLSA Capital Partners and Lendable, as well as international banks such as CIMB Vietnam and Kasikornbank to expand its comprehensive financial services in Vietnam.